StockMarketWire.com - Daily Mirror publisher Reach said its first-half revenue was expected to grow by 11%, owing to its recent acquisition of publishing assets from Northern & Shell, including the Daily Express newspaper.

However, revenue on a like-for-like basis excluding the acquired assets was expected to fall by 8%.

Had the new assets been owned from the beginning of 2017, revenue on a like-for-like basis would have been expected to fall by 7%, with print declining by 9% and digital growing by 5%.

Reach also said that costs associated with settling phone hacking claims were expected to be higher than expected. It had therefore increased the provision for settling claims by £7.5m.

Turning to its outlook, Reach said it expected its full-year performance to be in line with expectations.

The impact of higher-than-anticipated newsprint prices in the second half were expected to be offset by cost savings from the Northern & Shell acquisition.

'We have seen some improvement in May and June driven by stronger national print advertising,' chief executive Simon Fox said.

'Following the welcome clearance by the Secretary of State, we will start the process of integrating Express & Star in order to accelerate the benefits that our combined scale will deliver.'

At 8:44am: [LON:RCH] Reach Plc Ord 10p share price was +2.7p at 78.7p



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